Listening to the entire series of questions and answers here Powell states that the central bank provides stability.
Cleaver can't hardly speak in coherent sentence. It appears that the intent was to say that eliminating the Fed would cause instability. Between senator mumbling and perhaps Powell's inattentiveness produced this sound bite that was in direct conflict with everything Powell was saying for the few minutes prior to this.
https://www.youtube.com/live/FfEFYSF1dPo
1.44
for source.
Seems legit?
DAMN THE CONTEXT IS EVEN BETTER.
Just before he says
"if you want rampant inflation, that comes from these people undermining the credibility of the bank"
"So you think for economic stability you need to elminate the FED?"
"Yes"
"Okay thank you .. "
Listening to the entire series of questions and answers here Powell states that the central bank provides stability.
Cleaver can't hardly speak in coherent sentence. It appears that the intent was to say that eliminating the Fed would cause instability. Between senator mumbling and perhaps Powell's inattentiveness produced this sound bite that was in direct conflict with everything Powell was saying for the few minutes prior to this.
Status: nothingburger
Think you should re listen to it
Twice in fact. The quoted statement is in direct contradiction to the preceding context. Put the needle away, this is the wrong hopium.
Preceding question/statement is from Powell
He says
“Questioning the legitimacy of the Fed can create instability”
Then the next question is “So eliminating the fed reserve is best for promoting economic stability”
Did you even see the video?